Property Transfer Tax

Unless you qualify for the First Time Home Buyers Program, you will be required to pay Property Transfer Tax at the completion of your purchase. Property Transfer Tax is as follows:

• First $200,000................1.0%
• $200,000 - $2,000,000.........2.0%
• $2,000,000 - $3,000,000.........3.0%
• Over $3,000,001...............5.0% (Residential)

First Time Home Buyers Program - you will be exempt from paying transfer if:

1. The Property will be your principal residence
2. Located in BC
3. Purchases up to $500,000 (non-new properties)
   
   • a full PTT exemption on properties with a Fair Market Value (FMV) of $500,000 or less;
   • a partial exemption of $8,000 for properties with a FMV over $500,000 and under $835,000;
   • a sliding scale exemption for properties with a FMV over $835,000 and under $860,000; and
   • no exemption for properties with a FMV over $860,000.

Newly Built Home Program - you will be exempt from paying transfer tax if:

1. The Property is purchased from a developer up to $1,100,000
   • To receive the full exemption, the price for the home must be less than $1,100,000. 
   • A partial exemption is available for properties with a fair market value between $1,100,000 to $1,150,000.
   • The Buyer must be an individual and a Canadian citizen or permanent resident. Do not have to be a First Time Home Buyer.

Other Costs

1. House Inspection:  $500 - $800
2. Lawyers Fees: $1,200 - $3,000
3. GST if new development 
4. Foreign ownership tax

For an updated Property Transfer Tax Calculator: Click Here